Online invoice trading firm MarketInvoice and online accounting software company Xero announced this week that they had entered into a strategic partnership to provide better funding to UK businesses.
According to a joint press release, the move will let businesses apply and be approved for funding directly through their accounting software in just 20 minutes. After the initial approval process, businesses can repeatedly generate finance with just three clicks by selling long-dated invoices directly to investors, reported the release.
“Accessing finance for a growing business has long been a painstaking process dogged by delays, hidden fees, and complex long-term contracts,” MarketInvoice CEO Anil Stocker said in a statement. “All of that is changing. MarketInvoice and Xero are both companies using innovation to shake-up jaded industries and this partnership changes the way businesses access finance.”
Stocker added that the partnership is essentially “harnessing two pioneering innovations to put power back in the hands of business owners.”
The constant challenge SMBs face is trying to access working capital, which isn’t helped by the fact their accounting data is trapped inside archaic systems, said Gary Turner, Xero UK MD.
However, Xero’s cloud-based accounting software eliminates these issues, he said.
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